Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 7.00

building contract

The following information relates to a building contract for Rs 10,00,000.

 

1986 Rs

1987 Rs

Materials issued

3,00,000

84,000

Direct wages

2,30,000

1,05,000

Direct expenses

22,000

10,000

Indirect expenses

6,000

1,400

Work certified

7,50,000

10,00,000

Work uncertified

8,000

–

Materials at site

5,000

7,000

Plant issued

14,000

2,000

Cash received from contractee

6,00,000

10,00,000

The value of the plant at the end of 1986 and 1987 was Rs 7,000 and Rs 5,000, respectively.

Prepare (i) contract account and (ii) contractee's account for the two years 1986 and 1987 taking into consideration such profit for transfer to profit and loss account as you think proper.

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Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 7.00

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